Bitcoin Drops as Investors Buy $22K and $20K Puts

Despite every investor waiting for 20k puts the new alths remain bullish for the long term.

Bitcoin is falling the day after option markets saw increased demand for out of money or lower strike keeps options at $22,000.

The number 1 crypto known as bitcoin was trading at a three week low of $30,700 at press time which represent 3.5% drop on the day, the rejection has flipped the crucial 50 week EMA simple moving average into resistance.

While on Sunday 500 contracts at $22,000 puts will expire in December 31 changed hands via the institution-focused over-the-counter (OTC) desk Paradigm and similarly the 20,000 put is expiring 31st.

Interest to buy bitcoin is there to but Bitcoin puts in huge size, Darius sits and CEO of Singapore based OTC capital said "we created the market for most of the large block trades over the weekends and there was decent interest to sell Bitcoin PUTS.

Put options gives the purchaser the right but not the obligation to sell the asset but not on a determined price or before a specific date, a put buyer in the case of botcoin is implicitly bearish.

But the one week and monthly put calls skew are showing a negative bias with bearish print.

My Opinion

I think maybe we over hyped bitcoin because a lot of things shows bullish but bitcoin still underperforming that is why i keep saying Elon musk was a snake because he knew about Bitcoin coding so he manipulated in a big way by buying a huge amount and then selling it with a bad news which saw the price drop with quick speed and aggressive so that action by elon musk to me ruin Bitcoin coding and i think Bitcoin needs elon musk again.